Forex Technical Analysis & Forecast 05.03.2020
EURUSD, “Euro vs US Dollar”
After finishing the descending impulse towards 1.1095 and returning to 1.1140, EURUSD is trading to rebound from the latter level to the downside. Possibly, the pair may reach the next target at 1.185 and then form one more ascending structure to return to 1.1140. Later, the market may resume trading downwards with the first target at 1.1066.
GBPUSD, “Great Britain Pound vs US Dollar”
GBPUSD has completed the second ascending impulse. Today, the pair may correct with the target at 1.2800. After that, the instrument may start a new growth towards 1.2888 and then resume moving inside the downtrend with the target at 1.2700.
USDCHF, “US Dollar vs Swiss Franc”
USDCHF is consolidating around 0.9561 without any particular direction. Possibly, today the pair may form the second ascending impulse towards 0.9640, After that, the instrument may correct towards 0.9588.
USDJPY, “US Dollar vs Japanese Yen”
USDJPY has returned to 107.35. Possibly, the pair may test 107.97 from below and then form a new descending structure towards 106.76. Later, the market may start another correction with the target at 108.88.
AUDUSD, “Australian Dollar vs US Dollar”
AUDUSD is trying to expand the consolidation range up to 0.6655 After that, the instrument may choose an alternative scenario and form a new descending structure towards 0.6618 along with another growth towards 0.6787 to start a new uptrend. Considering that the market has already reached its targets, the “correctional” scenario is more probable, even after the pair updates the high of this wave. The correctional target is at 0.6520.
USDRUB, “US Dollar vs Russian Ruble”
USDRUB is trading upwards to test 66.50 from below. After that, the instrument may resume its decline with the target at 65.25 and then form one more ascending structure to reach 66.60.
USDCAD, “US Dollar vs Canadian Dollar”
After rebounding from 1.3328 to the upside, USDCAD has formed another ascending impulse and may continue growing towards 1.3515. Possibly, today the pair may correct to reach 1.3379 and then form one more ascending structure with the short-term target at 1.3466.
XAUUSD, “Gold vs US Dollar”
After completing the ascending structure at 1650.90, Gold is consolidating around 1641.65 without any particular direction. According to the main scenario, the instrument is expected to break the range downwards to reach 1602.08. Later, the market may break this level as well and continue trading downwards with the target at 1550.00.
BRENT
After finishing the correction at 52.20, Brent is consolidating around it. Today, the pair may fall to reach 50.20 and then start another growth with the target at 55.05. Later, the market may form a new descending structure towards 48.50.
BTCUSD, “Bitcoin vs US Dollar”
BTCUSD is trading upwards. Possibly, the pair may break 8900.00 to the upside and grow with the short-term target at 9250.00. After that, the instrument may start a new correction to reach 8950.00 and then form one more ascending structure with the target at 9500.00.
